Tahseen Consulting, a specialized advisor on strategic and
organisational issues in the Arab world, recently projected that some
$87 to $124 billion could potentially enter the Islamic banking system
in the UAE next year, creating approximately 7,800 new positions.
“It’s quite a positive industry right now. The growth is showing a
lot of positive movements, so hence there is a good potential or
possibility of the number even going higher,” Geetu Ahuja, head of GCC
at the Chartered Institute of Management Accountants (Cima), a provider
of Islamic finance education, told Gulf News in an interview.
“The close to 8,000 projected manpower is only needed around Islamic
finance banks, but if we’re looking at other institutions, there are a
few more hundreds there itself which will be in demand by next year.”
The Gulf Cooperation Council (GCC) region is set to lead the
expansion of the global Islamic finance industry, which is projected to
post a double-digit growth by 2016. Estimates show that across the
world, Islamic finance will need about 50,000 additional personnel by
next year. Adnan Salam, principal consultant at Talent2, a recruitment
specialist, said they have seen an increasing demand for Islamic finance
professionals in the UAE and the wider GCC market, as conventional
banks have been launching new Islamic products.
“At least 40 per cent of the overall roles we are currently working
on within the banking and financial services team require Islamic
finance qualified or experienced candidates. This is at least a 50 per
cent increase compared to the same three-month period in 2013,” Salam
told Gulf News.
“We are seeing positions that are in demand across all levels,
predominantly within relationship management/sales, business analysis,
project management, risk management more specifically credit risk and
marketing, all related to Islamic finance.”
Analysts have said earlier that while the market is growing, there is
a dearth of qualified personnel with Islamic banking skills. The
Workforce Planning Study by Dubai International Academic City showed
that 50 per cent of the GCC banks find it difficult to hire graduates
for entry-level positions, while nearly a quarter (23 per cent) struggle
to hire for mid-level roles.
Shailesh Dash, CEO of Al Masah Capital, said the talent shortage can
be addressed by utilizing the existing pool of professionals working in
banks and financial services firms, and providing them with Islamic
finance training.
“Instead of relying solely on some sort of certification to determine
the authenticity of the professional’s Islamic finance knowledge, one
could instead use existing finance [employees] and convert them to
Islamic finance experts by giving them the requisite training,” Dash
told Gulf News yesterday.
“This would be a far more efficient and quicker way to reduce the
gap. By setting up a world-class system, the UAE not only fills a gap in
the market, it also provides its national population another
opportunity for gainful employment,” he added.
Dubai has announced plans to be the global capital of the Islamic
economy, which includes Islamic finance, in the next three years.